Everyone can own a Credit Card now!

Ok.. I'm writing this for free.

Still on the subject of money, I stumbled upon a CitiBank ad after i sent an email in yahoo. It said

"No minimum income to own a credit card"


And i thought, Really? Now that's a dream come true! im just a lil over 5k to reach the usual min requirement. So i clicked on the ad.

Well, i supposed it's not too bad a deal. You can check it out here.

The card is called a Citi Clear Card.

1. Min age requirement is 21yrs old, or otherwise, need parent's consent
2. You can be a working adult or a tertiary student or an NS man
3. Credit Limit is S$500. Yup its pathetic but naturally with income lower than the standard 30k, you wldn't be able to spend much beyond ur earnings anyway. So it's good for emergency purposes. Eg: ur bonus is in Dec but u desperately need that Foundation NOW! hahahahha
4. Hmmm there's feature for cash withdrawal but a min charge of $10 per withdrawal or 5% of amount withdrawn whichever is higher. Hmm... like that i'd rather take a loan from my mother! Interest free! maybe even got discount! LOL or at least can offset from other debit transactions.
5. I dont remember how much is the interest rate, but the late payment charge is somewhere around $40!!!!
6. There's also an option to create a Step-up Interest Account that pays interest max 3% for your monthly salary input or something but there's a min of $2,000 to maintain the account or a fee is chargeable and with a compulsory first deposit of $500. Er... Thanks, but not thanks. i've already got 2 accounts to maintain. humph!
7. The best part is, the statement in online. So i can check it at home or in the office. i dont hafta whine when i forgot to bring the statement to work to review my expenses or anything. (You can get a paper statement at $2)

There are more information available on the website that you might need to consider before taking it up. But i hafta tell you... i DONT like the site... it's only after i've filled in the form that the FULL details such as interest rates and all that came out. I wanted to read all that before applying.. but thank goodness the online form doesn't mean a true take up.. You still need to print the form, copy your IC and mail it to them or drop them off at the branch.

Anyways... I've submitted my application... Like i said, it's for emergency. I must be steadfast on NOT using it unnecessarily as it will only burden my monthly payments! Otherwise, KOYAK (TORN/DRY), babe!

PS: Luckily, i am writing this for free so i can give my honest and balanced opinion about it.